Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Businessweek Archives

Is Dawn Starting To Break At Macy's?


In Business This Week

IS DAWN STARTING TO BREAK AT MACY'S?

R. H. Macy may be turning the corner. On Feb. 25, the retailer announced that even though sales fell 9.4% from a year earlier for the quarter ended Feb. 2, losses amounted to only $7.3 million before an extraordinary gain of $85.3 million. For the same quarter last year, the company lost $39 million. This quarter's extraordinary gain came from retiring what company sources say was roughly $200 million worth of junk bonds. Including the gain, Macy's second-quarter net income was $78 million.

Macy's also announced plans to spend at least $150 million on television advertising in 1992--five times what it spent in 1990. And it expects to reduce its $5.4 billion debt load by $2 billion by yearend.EDITED BY HARRIS COLLINGWOOD


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus